The congressmen sent Muhammad bin Salman the letter with the requirement to reduce production.
Almost 50 Republicans in the U.S. House of representatives announced the crown Prince of Saudi Arabia Mohammed bin Salman on Wednesday that economic and military cooperation between Washington and Riyadh will be threatened if the Kingdom will not help to stabilize oil prices by reducing production, according to reuters.com.
“If the Kingdom would not be just to reverse this artificial energy crisis, we will support any retaliatory measures that the U.S. government deems appropriate,” – said in a letter to the crown Prince, signed by 48 lawmakers, or about a quarter of the Republicans in the House of representatives controlled by the Democrats.
Oil prices fell sharply due to weakening demand, the outbreak of coronavirus and the excessive level suggestions. Price fall threatens us oil companies with high debt levels, bankruptcies and staff cuts. Many of the legislators who signed the letter represent oil-producing States.
Later on Thursday, the group OPEC+ will hold a meeting, the results of which may agree on production cuts to stabilize markets.
Russia is ready to reduce oil production under OPEC deals+ approximately 2 million barrels per day, Reuters reported two sources close to the government.
The US President Donald trump said Wednesday that U.S. oil companies have already reduced production, and also that he has a lot of options in the case if Saudi Arabia and Russia fail to reach agreement on production cuts Thursday.
“If measures to combat this energy crisis are not taken, it would jeopardize the joint efforts of our countries for economic and military cooperation,” the letter reads.
“The US military presence in the middle East supports stability, which promotes economic prosperity and ensures the safety of our countries”.